Choosing a Broker – Eight factors to consider when choosing a Forex Broker


In this video and accompanying commentary, we are looking at the EIGHT factors that any prospective trader should consider when choosing a Forex Broker or for trading any financial markets.

The EIGHT factors we would suggest considering when choosing a FX Broker are:

  1. Trust
  2. Investment Offerings
  3. Commissions and Fees
  4. Trading Platform
  5. Research
  6. Education
  7. Customer Service
  8. Mobile Trading


  • Know your broker.
  • Are they regulated, and if so, is it by a respected authority?
  • Do they have a long and stable history?
  • Is the company Publicly Listed? If so, it is more likely to be trustworthy.
  • Check out online forex reviews, including from ourselves at FX Explained.

Investment Offerings

  • What is available to trade?
  • Does the broker offer multiple asset classes, Is this important to you?
  • Are they a specialist broker, concentrating on a certain asset class? This may attract you, or not.

Commissions and Fees

  • What is the fee structure per trade?
    • The spread? How big is the spread?
    • A fixed commission per trade?
    • A combination of these?
  • Are there other fees?

Trading Platform

  • How good is the trading platform? Is this even important to you?
  • If you are trading from technical analysis, how solid is the technical analysis offering?
  • How user friendly is the trading platform?


  • Is there a strong and in-depth Research offering? Is this significant for you?
  • If you are trading from a macroeconomic or fundamental basis, how solid is their fundamental/ macroeconomic research?
  • If you are trading at a company level, how strong is their microeconomic and individual company research?


  • Are you a beginner or intermediate level trader, do you want to learn more?
  • If so, is the educational offering strong and in-depth?
  • Are webinars and videos offered?
  • Can you ask questions and interact?

Customer Service

  • How easily can you contact someone at the broker if you need to?
  • Are they available 24/7, or just during working hours, only Monday-Friday?
  • Is there telephone support, email support, online chat?
  • What is the response time like?
  • Is this even important to you?

Mobile Trading

  • Is mobile trading offered?
  • Are there dedicated apps for iPhones and iPads, Android phones and tablets?
  • Are the mobile trading apps user friendly? E.g. do the mobile apps synchronise with the desktop accounts?

Choosing a broker to trade with is an important step, please do try out both demo and live accounts to get a taste of the offering from different brokers.

And you can always check out our reviews page here

Editor in chief

Steve Miley is the Market Chartist and has 32 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Mar... Continued

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